Creating An Integrated Defense System For Financial Institutions
22 Jan 2007
Navigating the Security Minefield
Navigating the Security Minefield – EDS has partnered with Financial Insights to examine the challenges global financial institutions face regarding security and operations risk management.
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Read more about Security and Privacy for Financial Institutions
Financial institutions are increasingly the target of malicious security attacks, security breaches and fraud. The frequency and severity of attacks against these institutions calls for a change in the way they approach security and operations risk management. Guaranteeing the security of a financial institution is becoming more complex, and organizations need to rise to the new challenges they face.
Financial institutions must do better than the historic “secure the boundaries” approach since today's heightened security and regulatory environment has changed the rules. They must protect non-public consumer and corporate information both within and outside their walls, mandating an enterprise approach that also extends beyond the institution. Security policies must extend beyond an institution's boundaries to encompass service providers, remote partners and customers.
Keeping pace with successive waves of global regulation is a further burden. Financial institutions have had to invest significant amounts in updating their operations to ensure compliance with a long list of regulations such as Gramm-Leach-Bliley, Sarbanes-Oxley and Basel II, not to mention the multiple national and local Privacy and Identity Theft laws. Finding a sustainable approach to implementing regulation is a major priority.
Smart organizations will look to international best practices leveraging holistic solutions to data security and operational risk challenges. Financial institutions should seek solutions that encompass the broad spectrum of security concerns, including data, application and network security; physical security of organization and service provider locations; identity, authentication and credential management; and business continuity. All of these elements are critical to a comprehensive security and operations risk management strategy.
EDS, the founder of the outsourcing industry, and today a major global force in Information Technology Outsourcing Services, Business Process Outsourcing Services, and Applications Management Services has partnered with market analyst IDC Financial Insights, an IDC company, to provide assistance and guidance to financial institutions as they “navigate the security minefield.”
On January 30, 2007, Financial institutions are invited to join a Webinar lead by a distinguished panel of Financial Insights' and EDS' staff. In this Webinar, a respected financial industry analyst will discuss the key security risks that face the industry today and provide guidance to address these risks. EDS representatives will speak about the security capabilities that the company offers its clients on a global basis and will highlight one issue of current interest – the “Insider Threat.”
EDS' core competence in security and privacy can provide great value to financial institutions struggling to keep on top of the many and increasing security threats, not to mention the growing number of regulations requiring compliance.